Liability for payment of advance tax
[As per the Income Tax Act, 2025 (this Act) w.e.f. 1st April, 2026.]
Section 403(1) of Income Tax Act 2025
403(1) Advance tax shall be payable during any tax year in respect of the current income of the assessee, as per the provisions of this Part.
Section 403(2) of Income Tax Act 2025
403(2) For the purposes of this Part, “current income” means the total income of the assessee which would be chargeable to tax for that tax year.
Section 403(3) of Income Tax Act 2025
403(3) The provisions of sub-section (1) shall not apply to an individual resident in India, who––
- 403(3)(a) does not have any income chargeable under the head “Profits and gains of business or profession”; and
- 403(3)(b) is of the age of sixty years or more at any time during the tax year.
